Are you struggling to verify the KYC identity in Venmo? Well, you have reached the right place. In this article, let us see how to do Venmo identity KYC verification.
KYC identity is important as by proving your identification, you can use the funds in your Venmo account to make payments and send and receive larger sums of money using Venmo. Federal law requires Venmo to gather specific data from each user who has access to a balance.
To do Venmo identity KYC verification, Launch the Venmo app > Three stacked lines > Settings > Security > Identity verification > Next > Fill information > Proceed with the instructions.
Continue reading further to understand how to do Venmo identity KYC verification and what steps are involved in it.
How To Do Venmo Identity KYC Verification?
To do Venmo identity KYC verification, Launch the Venmo app > Three stacked lines > Settings > Security > Identity verification > Next > Fill information > Proceed with the instructions.
Know Your Customer is a program established by the U.S. Patriot Act and the Bank Secrecy Act. Banks are required by this program to verify that consumers only open accounts in their own legal names, to learn more about the origins of the funds in a customer’s account, and to keep track of their transactional activity. This initiative aims to stop banks from being exploited in money-laundering schemes. You must submit basic information, including your name, address, and the last four digits of your Social Security Number or your Individual Taxpayer Identification Number in order to verify your identity. Follow the below steps to do Venmo identity KYC verification.
Step 1: On your iPhone or Android phone, launch the Venmo app.
Step 2: Tap the top-left corner of the screen, where there are three stacked lines.
Step 3: Select “Settings.”
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Step 4: Select “Identity Verification” under “Security”.
Step 5: On the information page for the one-time security check, select “Next.”
Step 6: Fill out your personal information, including your legal first and last name, birth date, Social Security Number’s last four digits, or choose “I don’t have an SSN”, and your home address.
Step 7: Press “Next” and adhere to any additional on-screen instructions.
These quick steps will take just a few minutes to complete, perform this process and get your Venmo identity KYC verification done. Usually, the verification is finished in under a day. The identification verification process could take up to three business days, though, if the information you provided to Venmo does not match the National Database.
Our automated ID verification system occasionally fails because the data is not accessible or because your name or address has changed. If your personal information cannot be verified, we will ask you to submit proof of your identity using the app which includes your U.S Passport, U.S government-issued Id, DHS card, tribal ID card, or driving license.
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Does Venmo Confirm Email Identity?
Users will receive an email from Venmo that must confirm their identification in the Venmo app. After you click the link in the email to confirm that you own the email address, you’re good to go. After changing your email address, it’s crucial to do this step as soon as possible. By doing this, you may ensure that you continue to get payments and essential Venmo account notifications. You won’t be allowed to utilize your Venmo balance for making payments if you can’t confirm your identification by the deadline mentioned in the email you received. You can still accept payments and deposit the money you get into a bank account. Additionally, you will still be able to transfer money to another person via a linked bank account, debit card, or credit card. But, you won’t be able to send payments using the funds in your Venmo account.
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Why Is It Necessary To Do Venmo Identity KYC Verification?
Federal law requires Venmo to gather specific data from each user. Venmo identity KYC verification is initiated in the event that you attempt to accomplish any of the following:
- Transmit $300 or more within a week rolling – 7-day period
- In one week, transfer $1000.00 or more to your bank
- be appointed as a group account manager
- Utilize either a personal or company profile to accept payments for goods and services
Also Read: How To Transfer Venmo Yourself? Latest Solutions 2022!
Wrapping Up
It is necessary to complete the Venmo identity KYC verification to enjoy seamless transactions within the app. However, before proceeding with the verification process ensure that the email received for verification is legit. We hope this article has explained to you how to do Venmo identity KYC verification. For more such informative and interesting articles, check out our page at Deasilex.
Frequently Asked Questions
Q1. Why Is Venmo Not Verifying My Bank Account?
Ans. Please contact your bank if your bank account is flagged as “Invalid” to ensure that you have the right account number and routing number and there are no limitations on electronic/ACH transactions.
Q2. Why Is Venmo Asking For My Ssn?
Ans. If you attempt to conduct any of the following, we may request your SSN to confirm your identity: over $300 in a single week. In one week, transfer $1000 or more to your bank. Make a group user account.
Q3. Should You Give Venmo Ssn?
Ans. However, you may relax knowing that sharing your SSN information with Venmo is secure. Paypal owns Venmo, and both companies are reliable and trustworthy. Both of these transaction platforms request the SSN for the purpose of confirming your identification.
Q4. How Long Does It Take Venmo To Verify Account?
Ans. By providing your banking username and password, you can instantly verify or confirm using micro transfers which take 1-3 business days. Venmo will conduct two brief withdrawals and then two brief deposits. Visit www.venmo.com/verifybank and enter the amounts requested by Venmo to confirm.
Q5. What Is A Social Security Number And What Is It Used For?
Ans. In order to track American workers’ earnings histories, determine Social Security benefit eligibility, and calculate benefit amounts, the Social Security number (SSN) was developed in 1936.
